N.J. Admin. Code § 5:102-3.1

Current through Register Vol. 56, No. 23, December 2, 2024

Section 5:102-3.1 - Procedures

(a) Revolving loan applications will be accepted and reviewed from all eligible applicants on a continuous basis.

(b) To apply for a historic preservation loan, the applicant shall submit a written application, on a form provided by the Trust with specified documents attached to the following address: New Jersey Historic Trust, New Jersey Department of Community Affairs, 101 South Broad Street, PO Box 457, Trenton, New Jersey 08625-0457. The applicant shall include in the application the information listed at (c) below.

(c) The applicant shall include the following information in the application:

1. A statement of and documentation supporting the significance and condition of the property;

2. A narrative description of the proposed project;

3. Cost estimates for proposed work and/or acquisition;

4. Digitally submitted images of the property in high resolution jpg format;

5. Long-range plans for the future preservation of the property;

6. The names and addresses of all owners, all parties with an ownership interest, and if applicable, evidence of ownership or an interest in ownership of the property for which a loan is requested;

7. As applicable, the names of lessors and lessees, and a copy of a long-term lease meeting the requirements of 5:102-2.2(b)2;

8. Evidence of security may be required depending on the loan applicant's creditworthiness and the mortgagability of the asset to be acquired or on which capital improvement takes place;

9. Evidence of recipient's ability to repay the loan will include information pertaining to source(s) of funds, projected income statements, and previous year's annual financial statements as requested by the Trust;

10. If the property for which a historic preservation loan is requested is not listed in the State or National Register of Historic Places, a certification by the Deputy State Historic Preservation Officer that, as of the date of the Trust's receipt of the application, the historic property for which a loan is requested is approved for listing or meets the criteria for listing in the State Register of Historic Places as set forth at N.J.A.C. 7:4-2;

11. A resolution of the governing body of the applying county or municipality, or a resolution of the board of directors of the applying nonprofit organization, recommending the historic preservation project for funding under the Program;

12. All applicants shall:

i. Purchase and arrange for delivery to the Trust directly from a recognized, independent credit reporting agency an up-to-date credit report for the entity seeking the loan;

ii. Submit a check for $ 100.00 to the Trust to cover the expense of any reports. Any application submitted pursuant to (c)12i above shall be deemed complete only when the report is received by the Trust directly from the reporting agency; or

iii. Reimburse the Trust for any expenses incurred for reports or studies that may be needed to determine the eligibility of the project or credit worthiness of the applicant, the costs of which shall be clearly communicated to the applicant in advance, as authorized pursuant to N.J.S.A. 13:1B-15.115.f(b); and

13. Any other information reasonably necessary to enable the Trust to determine whether the applicant and the proposed historic preservation project are eligible for a historic preservation loan, and the amount which should be allocated to the project under this chapter.

(d) If an application is incomplete, the Trust will notify the applicant and state what is necessary to make the application complete. If the applicant does not submit the necessary information within 30 days after the date of mailing of the notice, the application may be deemed rejected without prejudice.

(e) Applicants not funded will be advised of the reasons for rejection and may submit a revised or new application.

(f) Application materials for projects not funded shall be retained by the Trust for 90 days following the final disposition of the request for loan funds. The materials shall be returned if the applicant submits a written request to the Trust within the 90 day period. After 90 days the Trust may discard all application materials for non-funded projects.

N.J. Admin. Code § 5:102-3.1

Amended by 56 N.J.R. 1707(a), effective 8/19/2024